EAST BRUNSWICK, N.J. — CareOne has opened CareOne at East Brunswick Assisted Living, a 102-unit community in East Brunswick, approximately 40 miles southeast of Midtown Manhattan. The community offers assisted living and memory care services.
Development
In spring of 2019, the National Investment Center for Seniors Housing & Care (NIC) released a research study showing that fewer than half (46 percent) of America’s middle-income seniors will be able to afford the $60,000 average annual costs of seniors housing and out-of-pocket medical expenses in 2029. The silver lining of the study was that seniors housing developers and operators could opt to build for this underserved market. About 18 months since the study was released, the dynamic hasn’t changed much, according to Michael Edwin, vice president with consulting …
Moss Construction to Build $120M Expansion at John Knox Village in Pompano Beach, Florida
by Jeff Shaw
POMPANO BEACH, Fla. — Moss Construction has been awarded a $120 million contract for an expansion at John Knox Village in Pompano Beach. The project will be divided into two phases and the first phase has started. The 37,117-square-foot project will consist of a first-level pavilion featuring a performing arts center, pre- and post-event gallery space, two restaurants with indoor and lakeside dining, a bar in between the two restaurants, a lakefront promenade and gathering spaces. The second phase is scheduled to start in the first quarter of 2022. The …
MAYFIELD HEIGHTS, Ohio — Anthology Senior Living, a new organization created by development firm CA Ventures, has opened Anthology of Mayfield Heights in the suburbs of Cleveland. The property features 180 units of independent living, assisted living and memory care in 164,000 square feet. “Our team has been operating several senior living communities in 11 states including Ohio since our launch as Anthology Senior Living in 2019,” says Benjamin Burke, president of Anthology Senior Living. HED designed the community.
Evergreen, CJE SeniorLife Break Ground on $25M Affordable Community in Evanston, Illinois
by Jeff Shaw
EVANSTON, Ill. — Evergreen Real Estate Group and CJE SeniorLife have started construction of Evanston Senior Housing, a 60-unit affordable seniors housing community approximately 12 miles north of downtown Chicago in Evanston. The four-story, 73,017-square-foot building will be located next to the existing CJE SeniorLife Adult Day Services center. 1015 Howard LP, a partnership that includes CJE SeniorLife, Evergreen and U.S. Bancorp Community Development Corp., will own the property upon completion. Development costs are estimated at $25 million. “It is unusual to have affordable senior housing and support services paired …
NOVATO, Calif. — Oakmont Senior Living has opened Oakmont of Novato in the San Francisco suburb of Novato Oakmont of Novato is the third Oakmont Senior Living community to be built and opened during the 2020 pandemic. The 72,614-square-foot community sits on nearly three acres and features 49 assisted living and 36 memory care apartments Oakmont of Novato is close to shopping, fine dining, and arts and entertainment.
RANCHO CUCAMONGA, Calif. — Inland Empire Health Plan (IEHP) has partnered with National Community Renaissance (National CORE) to provide $1.5 million for construction of Day Creek Senior Villas in Rancho Cucamonga, approximately 40 miles east of Los Angeles. Through this partnership with National CORE, one of the nation’s largest nonprofit developers of affordable housing, the health plan will receive access to 10 apartment units in the facility. These units will provide permanent housing for homeless seniors who are IEHP members transitioning out of long-term care. “It is a sad statement …
While the recession caused by the COVID-19 pandemic has certainly made life tougher for active adult investors, there is still capital available. It has just become harder to get. “The equity is pretty rational right now. It’s the TINA phenomenon — there is no alternative,” said Mark Marasciullo, chief investment officer with The United Group of Companies, which develops active adult properties. “There is, institutionally speaking, more and more equity piling up on the sidelines. The market’s pretty liquid, but that doesn’t mean it’s easy. There’s a lot of capital …
SANTA ROSA BEACH, Fla. — Watercrest Senior Living Group and The St. Joe Company have received a certificate of occupancy for Watercrest Santa Rosa Beach Assisted Living and Memory Care, with plans to open the community this month. The 92,000-square-foot property features 75 assisted living and 32 memory care apartments in the Florida Panhandle community of Santa Rosa Beach.
GREENBURGH, N.Y. — Chelsea Senior Living has completed construction of Chelsea at Greenburgh, a luxury senior living residence in Greenburgh, approximately 20 miles north of Midtown Manhattan. The three-story community will offer assisted living and memory care on the former site of Frank’s Nursery. Chelsea is still awaiting final licensing from the New York Department of Health before accepting new residents. The Chelsea at Greenburgh will offer specialized services for residents with high care needs. These services include assistance with injectable medications, complex diabetes management, assistance with walking and stairs, …